2. If your company pays no dividends but spent 4 million euros on share buybacks last year. If your company's cost of equity is 8%, and the amount spent on buybacks is expected to grow by 5% next year. If your company has 8 million shares outstanding, what is the price per share of your company? 1 point.

3. Your company, which is mainly located in Paris, is considering relocating part of its offices to the provinces and, as far as possible, maintaining part of the employees' activity by telecommuting for at least 5 years. This decision should reduce operating costs by 200,000 euros per year.

a. If investors were not expecting this news, what would be the most likely effect on your company's stock price at the time of the announcement, given that your company has 50,000 shares outstanding, no debt and a cost of equity of 10%? 1 point.

b. What is the most appropriate discount rate when valuing a company using the discounted cash flow method? 1 point.